13. Payments, Part 1

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Күн бұрын

MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler, Alin Dragos
View the complete course: ocw.mit.edu/15-S12F18
KZfaq Playlist: • MIT 15.S12 Blockchain ...
Prof. Gensler discusses major trends in payment systems, lessons that can be learned from non-blockchain payment innovations, and the challenges and opportunities in current payment system architecture.
License: Creative Commons BY-NC-SA
More information at ocw.mit.edu/terms
More courses at ocw.mit.edu

Пікірлер: 122

@tyleradams9545 2 жыл бұрын

I find it easy to learn from Gary. Thanks for free knowledge

@aneeqkalson5550 3 жыл бұрын

beautiful to see the class become more comfortable with eachother through the semester. kudos to Gary for getting a class of 80 to share and debate.

@andso7068 2 жыл бұрын

Agreed. As someone who's been researching cryptocurrency for years, I love hearing their input from time to time.

@dailymanager7133 3 жыл бұрын

Very useful content CONGRATULATIONS MIT for these value added videos

@lordfilibuster5048 3 жыл бұрын

Hey! I am from the Philippines. It's nice to hear my country as an example.

@Cough0x Жыл бұрын

I can't believe this is free. I paid $7k for my last semester of university, when I learned so much more here with Gary "the Ledgend" Gensler. Thanks for recording and posting. Can't wait for you to settle with Ripple. Let it Rip! #XRP

@blim2020 3 жыл бұрын

Excited for Gary to be head of SEC.

@bhe8336 3 жыл бұрын

We don't need an academic running the SEC we need an Andrew Jackson who will destroy it.

@L7Fx 2 жыл бұрын

@@bhe8336 andrew jackson jihad?

@djfreaknique1587 3 жыл бұрын

Just wanted to say thanks for the free courses

@berajpatel8081 4 жыл бұрын

Thank you Prof Gary Gensler

@romeostarlite21 3 жыл бұрын

@@garygensler8761 Haha, stop pretending to be Gary

@SkyHoustonCrypto 3 жыл бұрын

Gary G is the man.

@LowDowN- 3 жыл бұрын

He’s swinging his big ass third leg around lol Money G

@boardvision11 3 жыл бұрын

@@garygensler8761 hi scammer bot

@mehdibidad1122 2 жыл бұрын

Thanks, Prof. Gary Gensler.

@cauebraga 2 жыл бұрын

Another very good class, thank you. I'm sure we'll see many big projects coming from those students.

@Manifest_station369 2 жыл бұрын

We students now aswell but for free 😆 🤣

@cauebraga 2 жыл бұрын

@@Manifest_station369 yeah! We'll have the same opportunities. I just finished class 23 today. Just one left to end the course!

@kittu4573 4 жыл бұрын

Thanks professor gensler. I like your lecture, learnt a lot.

@frankzifeng 3 жыл бұрын

Thank you

@willcharles3021 3 жыл бұрын

Nice one Gary

@adancastroharos9408 2 жыл бұрын

Thank you for this information 🤝

@bmo8898 Жыл бұрын

Flexa addresses all of these issues. Going to be interesting next few years.

@bariswheel 3 жыл бұрын

Respect Gary!

@boardvision11 3 жыл бұрын

@@garygensler8761 thanks scammer 🤖

@campusseoul Жыл бұрын

Modern Payment Systems slide was helpful.

@elizabethgutierrez8431 2 жыл бұрын

1:16:33 Hi, I come from the future and in 2021, the most used payment methods were Mobile payments and digital wallets

@dariuspleasant1761 2 жыл бұрын

nice

@lillysummer6447 2 жыл бұрын

The eWallet's market share (by value, e.g. Digital/Mobile Wallet) of e-commence payments is about 49% in 2021, according to the Global Payments Report updated in 2022.

@hidura 2 жыл бұрын

I think that as always it have to be step by step and crypto could be a way to make payment cross countries at first.

@bradynields9783 4 жыл бұрын

56:36 Yes the assets volatility in this case would be negligible enough. If there were an issue with its volatility there is an incentive for the market to profit off a mutual market solution. Easily done in a decentralized distributed ledger connected economy. You get rewarded for telling the truth and not for having valuable information which reduces the incentives for liars.

@SkyHoustonCrypto 3 жыл бұрын

Bingo

@jameskelly4656 2 жыл бұрын

Great class and love the villainous cowboy outfit Gar

@L7Fx 2 жыл бұрын

I've watched this entire class and didn't realize until today that this is gary gensler, head of SEC lmao

@DannW._. 2 жыл бұрын

he's the head of the SEC????

@L7Fx 2 жыл бұрын

@@DannW._. as of april 19 2021.., yes

@luvpreetsingh8020 3 жыл бұрын

So, clearing is like Layer 2, right? and Settlement is when the layer 2 goes on-chain?

@Bamberosjose 2 жыл бұрын

Not necessarily, layer 2 implies it is built on top of a layer 1. That’s why lightning network is a layer 2 solution for Bitcoin’s (layer 1) scalability issue. Lightning network is built on top of the Bitcoin blockchain. Not all Layer 2 are focusing on the same issues.

@prula 3 жыл бұрын

I often get paid in USD and each time it is translated into EUR, someone gets a cut. I have lost a lot of money because of that! Criminals! I am glad this will end soon!

@QW3RTYUU 3 жыл бұрын

Nodes in the blockchain are going to take a cut also... Welcome to the universe, where every change comes with friction. We can try to minimize it, but it's a law of nature first and foremost

@EduardsESA 3 жыл бұрын

nothing will end.

$@fractalzoomgoggles$

@fractalzoomgoggles 2 жыл бұрын

How dare they charge you a fee for conversion services (that are ready when you are) where they need to pay expenses and try to profit on top of that

@prula 2 жыл бұрын

@@fractalzoomgoggles I don”t give a fuck about their profits! It is my profit and they are taking a slice off from it for what? It is basically free with the new technology available! Banks are suckers and I have no hard feeling for them to loos my slice!

@Chris-kq3ix 2 жыл бұрын

@@prula Well said my man! Agreed! LOL

@bradynields9783 4 жыл бұрын

It definitely shows it's by and for banks, it's built on the foundation of businessman not trusting each other to keep accurate records.

@mennehgambia1962 3 жыл бұрын

exactly

@meanathradon 3 жыл бұрын

14:38: Mentions Ripple... GG asks if its live. student says yes, in Japan and Korea

@directorans 3 жыл бұрын

Didn’t hear much from Brotish this time

@williamchurch711 4 жыл бұрын

I like his analogy regarding game tokens, but aren’t those tokens/skins backed by actual fiat money?

@bradynields9783 4 жыл бұрын

They were purchased with fiat money but they are no longer money because they are non transferable outside the game. Now that we can tokenize anything digital or physical we need to rethink money as we knew it.

@therecyclingguy256 3 жыл бұрын

@@bradynields9783 Money is universal value transferrable over time.....my best thoughts 💭

@boardvision11 3 жыл бұрын

@@garygensler8761 thanks so much scammer bot

@ethanf.6848 3 жыл бұрын

Don't forget the skins and the swords.

@mark_tapia 2 жыл бұрын

And the shields, bro. THE SHIELDS.

@NazriB 2 жыл бұрын

Lies again? GIRO Payments

@auntlynnonline6206 Жыл бұрын

DOES ANYONE HAVE LECTURE #18? Or know anyone who might? The internet has been absolutely cleansed of it... It is really important that we get it. Any videos, transcripts, etc? Thank you.

@mitocw Жыл бұрын

Lecture 18 is not available. The topic was "A New Approach to Crypto-Exchanges & Payments". See the course on MIT OpenCourseWare for Study Questions and the Readings for lecture 18 at ocw.mit.edu/15-S12F18. Best wishes on your studies!

@Manifest_station369 2 жыл бұрын

See how he knows all business who got contract to make notes . True wall street investor coming out

@Kamn_exe 3 жыл бұрын

We're finally talking about XRP 56:00

@ianb7400 2 жыл бұрын

When Larry talks about how Starbucks steals your $20 and holds it permanently I immediately thought of Ripple. This is why I will never use XRP

@michaelmarzolf6539 2 жыл бұрын

the reason Starbucks charges $20 and stores it -- because charging $4 five times is more expensive to process, and if Starbucks can convince you to use a debit card to access your money, the fees are even lower

@marlonhopeton574 2 жыл бұрын

Only two emails? I guess their schedules at MIT are heavy

@xiucai-finance Жыл бұрын

I think Gary want to say Taobao when he mentioned a mixture of ebay and Amazon in China.

@gravecode 3 жыл бұрын

why are people paying for degrees anymore?

@stellaz1132 Жыл бұрын

what is payment system? 19:36

@michalziobro7890 3 жыл бұрын

I think NFC is better than QR codes why to Scan QR code if you can use NFC. Mobile phones could have possibilitie to receive incoming NFC payment i.e. be like payment card terminal

@seppospencer1776 2 жыл бұрын

MIT OCW should accept BTC payments for donations

@RiccardoVincelli 8 ай бұрын

Another hard fork, Classic/CS Alin vs Payments Alin

@castironlawnbunny 2 жыл бұрын

Interesting to hear him say about remittances that there's no country-wide adoption of crypto so there has to be a crypto-to-fiat off-ramp on the receiving end. This is no longer a problem for people sending remittances to El Salvador. I am very curious to know how many Salvadorans who work in the US or other countries are using Bitcoin to send remittances back home, where the recipients can spend it right away without a second conversion.

@robertseidner6993 Жыл бұрын

3 years ago

@since94 3 ай бұрын

What changed Gary?

@venomobl6577 3 жыл бұрын

they mentioned chain link a year ago 🤑🤑🤑

@QW3RTYUU 3 жыл бұрын

This is from 2018

@EduardsESA 3 жыл бұрын

@@garygensler8761 where can I send money?

@boardvision11 3 жыл бұрын

@@garygensler8761 thanks scammer bot

@Dracut 8 ай бұрын

30:00 nose germs on bill

@Ladymultiverse 3 жыл бұрын

Gary Gensler believes Ripple used XRP as a security.

@since94 3 ай бұрын

wonder what he thinks about Ethereum?😂

@ruparuil9923 2 жыл бұрын

well

@rodrigodiaz1321 3 жыл бұрын

I dislike when students interrupt Gary

@jag61688 3 жыл бұрын

30% of the grade is class participation

@boardvision11 3 жыл бұрын

@@garygensler8761 hi scammer bot

@adamb2220 3 жыл бұрын

Yeah there's a PhD student in there that voices strong skepticism about very basically accepted concepts like interoperability haha. Although to be fair, in 2018 I didn't understand interoperability either.

@whatsup7184 3 жыл бұрын

Sounds like you never sit in the tertiary lecture room I am pretty sure. We spent the tuition and got the first priority to throw our question. So what is your PROBLEM. Get your money to this school if you CAN. Guess NOT.

@adamb2220 3 жыл бұрын

@@whatsup7184 Others spent the tuition too. You can't ruin the experience for them.

@dame5918 2 жыл бұрын

They asked him abt ripple at the 15 min mark or so he ran away quickly lol and this was 2018

@lasagna3106 Жыл бұрын

Fast forward to 55min and watch the whole video

@dame5918 Жыл бұрын

@@lasagna3106 i watched all these videos in their entirety every one of those lectures but they took down some, that they tried to hide because of the case where he was clearly pro ripple lol 😂

@EliotMcLellan 4 жыл бұрын

THIS IS A STICK-UP GIVE MY ALL YOUR CRYPTO

@boardvision11 3 жыл бұрын

@@garygensler8761 where can I sign up scammer bot?

@rick-kv1gl 4 ай бұрын

oh man this aged not that well

@user-so5ws2rx8c 6 ай бұрын

буцефал

@rodrigodiaz1321 3 жыл бұрын

Let’s see if XRP passes the security duck test

@muhammadm4582 3 жыл бұрын

He is on Hillary’s camp 😟

@shubhambhatt6333 3 жыл бұрын

too long priya

@ewor99 3 жыл бұрын

get rid of the middlewoman lol

@michaelv.silvester8476 3 жыл бұрын

My X-wife was great at spending, shopping, and everything else except something other then budgeting or planning, which were both impossible for her per "HER"! A lawyer, a mother, a woman, but not a wife. Can't trust one from "parents" that filed bankruptcy three(3) or more times. Good luck with trading you'll!!!! Mike S

@whatsup7184 3 жыл бұрын

WTF is your ex woman got to do with this site??? But got your message from the last line and recommend you to CNBC or Bloomberg site, NOT HERE, PLS.

@whatsup7184 3 жыл бұрын

Again, your last sentence is really interesting. Hahaha.... and I get what you meant. Because "they" also tried to suck money from you in this hunger game, right??? Hahahaha.....Bad luck, you too.

@TheUnrider 3 жыл бұрын

i have the feeling this course consists of more and more useless gibberish, hope it changes again later

@andso7068 2 жыл бұрын

Such as?

@wadesuhr 2 жыл бұрын

Watch on 1.5 speed then. This is a lecture not an edited 12 minute tutorial video.

@since94 3 ай бұрын

What a hypocrite.

@MrMusic55123 3 жыл бұрын

I liked his videos and been watching from video 1 up to this one but he lost me here when he said that he worked for Hilary Campaign. I thought he was smart enough to no support Hilary, I can't believe he said that

@QW3RTYUU 3 жыл бұрын

Imagine your political views interfering with your blockchain and money education

@MrFinishLine 3 жыл бұрын

@@QW3RTYUU also, Imagine he only found out about it in this video and not a few videos ago...

@wadesuhr 2 жыл бұрын

A very high percentage of US teachers from Kindergarten - university are lefties... Democrat/postmodernist/liberal/progressive/socialist/Marxist.

@lasagna3106 Жыл бұрын

Good ole Gary calling XRP a bridge currency and it’s so ironic that he’s all locked up in arms with the sec in a lawsuit vs ripple… hahahahhahahahahahahahahhahahahahahahahhahahahahahahhahaha